Switzerland is the third-largest investor in Kazakhstan, following the United States, and its strong presence aligns with Kazakhstan’s efforts to reshape and diversify its economy. The country’s growth remains closely tied to its abundant natural resources, with oil production still contributing heavily to GDP, yet major steps are being taken to broaden the economic base.
However, the country is actively diversifying its economy, attracting international investments in renewable energy projects, such as the $40-$50 billion green hydrogen initiative by the Svevind Group and discussions with South Korea's YPP Corporation on a $3.1 billion hydrogen project. The IT sector is also experiencing rapid growth, with a notable 20.3% increase in service exports in 2024, highlighting opportunities in digitalization. Infrastructure development is another key area, with major projects completed in 2024, including 1,300 kilometers of railway and 7,000 kilometers of roads, alongside planned investments in airport infrastructure.
Despite these opportunities, challenges such as currency volatility and a high national debt level necessitate careful financial planning and risk management for successful market entry.
No
Free Trade Agreement
There is a free trade agreement between Switzerland and this country. Source: State Secretariat for Economic Affairs SECO
3.38 3.38 billion
Total trade flows
Total goods traded with Switzerland (imports + exports). Source: UN Comtrade. Data as of 2023.
13.02 13.02 %
3-year GDP growth
Total real GDP growth over the last three years. Source: World Bank. Data as of 2023.
In Kazakhstan, the energy sector can be complex to navigate, but the rapid expansion of renewable energy projects offers strong opportunities for well-positioned Swiss and Liechtenstein exporters.
Xavier Cornut
Consultant Europe + CIS
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FAQs
What is the current economic situation?
Kazakhstan is navigating a period of economic adjustment, marked by a 2024 budget deficit of around $6.9 billion and a currency depreciation of roughly 9% in the last quarter. Nevertheless, the economy demonstrated notable resilience, achieving solid GDP growth of 4.8% in 2024. For Swiss exporters, the outlook remains encouraging, provided they remain attentive to exchange-rate movements and incorporate prudent risk management into their market strategies.
What are the main export and import trends?
In 2024, Kazakhstan's exports increased by 3.1% to $81.6 billion, while imports decreased by 1% to $59.7 billion, resulting in a trade surplus of $21.8 billion. The EU remains Kazakhstan's key trade partner, accounting for 46.7% of exports and 17.8% of imports. Swiss exporters should note the growing trade with the EU and the potential opportunities in Kazakhstan's IT services sector, as Kazakhstan has become a net exporter of IT services for the first time.
What opportunities exist for Swiss companies?
Swiss companies have significant opportunities in Kazakhstan's renewable energy sector, infrastructure development, and IT services. The country is attracting international investment in renewable energy, with projects like the Svevind Group's $40-50 billion green hydrogen initiative. Additionally, Kazakhstan's infrastructure projects, including road and rail expansions, and the growing IT sector, which saw a 20.3% increase in exports in 2024, present opportunities for Swiss expertise and technology.
Which sectors are most promising?
Promising sectors for Swiss exporters in Kazakhstan include renewable energy, infrastructure development, and IT services. Kazakhstan is attracting significant international investment in renewable energy, with ongoing projects in wind and solar energy and plans for large-scale green hydrogen production. Additionally, Kazakhstan is investing heavily in infrastructure, including roads, railways, and airport expansions, which presents opportunities for Swiss companies in construction and engineering. The IT sector is also rapidly growing, with a notable increase in service exports, highlighting potential for Swiss IT solutions and services.
What are the main challenges and risks?
Swiss exporters should remain mindful of certain operating conditions in Kazakhstan, such as the economy’s continued reliance on the oil sector, exposure of some export routes to external factors, and periodic currency fluctuations. Recent flooding has also created disruptions to infrastructure and logistics. Nevertheless, with appropriate planning—such as considering market diversification and securing suitable insurance—exporters can effectively navigate these challenges and continue to benefit from the opportunities Kazakhstan offers.
